Amazon.com Seeks Souq In Middle East

Amazon.com (AMZN) has reportedly expanded in the Middle East with the acquisition of a private online retailer Souk.com, TechCrunch is reporting.

However, spokespeople for Doubai-based Souq.com, Arabic for marketplace, would not confirm what it called "rumors and speculation." TechCrunch quotes sources who say the Souk business had been valued at $1 billion, but was acquired for $650 million. Souk.com claims to be the largest e-commerce site in the Arab world, with sales of appliances, electronics, jewelry, clothing, accessories and other products to "millions of customers" in the United Arab Emirates, Egypt, Saudi Arabia and Kuwait.

Mouchawar was born in Aleppo Syria, attended university in Boston and established Souk.com more than a decade ago with an eye on the burgeoning class of Middle Eastern youth who embrace technology, according to a National Public Radio profile from 2014 titled, "A Syrian Entrepreneur Looks To Build The Amazon Of The Arab World."

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